Dubai property developer Deyaar on Wednesday reported a surge in full-year 2022 profit on the back of strong revenues.

Profit for the year-ended December 31, 2022, reached 144.24 million UAE dirhams ($39.27 million), up by more than 183% from the same period in 2021.

Total revenue for the full year rose 61% to 803.4 million UAE dirhams, from 496.9 million UAE dirhams in the previous year.

Deyaar CEO Saeed Al Qatami said in October that the company’s performance had improved on the back of positive trends in the property market.